The Union Cabinet on Tuesday approved the draft Bill to set up a new development finance institution to provide long-term loans to infrastructure sector projects. Finance Minister Nirmala Sitharaman proposed to set up a Development Finance Institution (DFI) in the 2021-22 budget presented on February 1. The proposed bill is to implement this declaration.
Government will inject 20 thousand crore rupees
The government has proposed a capital of Rs 20,000 crore for this new institute. Giving information about the decision after the cabinet meeting, Sitharaman said, “The cabinet has approved the bill for the formation of DFI.” This will help in increasing the availability of long-term debt. He said 50 percent of the directors in the proposed DFI would be non-government. “
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